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This question is about Discover Credit Cards
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Christie Matherne, Credit Card Writer
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You can get Discover to lower your interest rate by having your account details ready and calling Discover at (800) 347-2683 or contacting their customer service department through their chat function on their website. Knowing where you stand in terms of your credit score will definitely help negotiations as it's one of the main factors that determines the APR on a credit card.
Here’s how to get Discover to lower your interest rate:
- Make sure you have your account details ready: Before you reach out to Discover, you’ll need your account or card number, and a refresher on your history with Discover. Your odds for a rate reduction generally increase the longer you’ve had your Discover card, so make sure you have that information on hand. You should have some kind of reason why Discover should give you a lower APR, whether you’re trying to pay down your debt or you’re considering an expensive future purchase. And it’s good to decide whether or not you’re prepared to cancel your Discover card to push along a negotiation. It can help your case, in some instances.
- Call the Discover customer service line at (800) 347-2683: listen through the service menu, and the automated voice will ask what you need. Just say, “I want to lower my APR,” and you’ll be directed to an account manager.
- Reach out to Discover’s live customer service chat through their website: go to Discover's website and navigate to the Card Help Center through the “Help & Resources” link, found at the top right of the main page. Scroll down to the Customer Service panel on the left side, then click “Contact Us” and select “Message an Agent”. From there, simply say you’d like to lower your interest rate.
If your account is in good standing and you have a good, lengthy history with the company, Discover might offer you a permanently lower interest rate. If you think you’re qualified for a lower APR and they decline to offer you one in the beginning, state your case. If you’re willing to cancel your card over it, say so. Even if you haven’t had your Discover card for very long, you never know what you might qualify for unless you ask. There’s nothing to lose by trying, except for APR percentage points.
Your credit score is one of the main factors that determines your APR on a credit card. Improving it will definitely get you closer to getting approved for a card offering a 0% introductory deal, or successfully negotiating a lower rate for a card you already own. If you want to know where you stand, you can check your credit score for free, right here on WalletHub, while also getting custom insights that will help you improve it.
This answer was first published on 11/01/19 and it was last updated on 05/06/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
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Ryan Fuchs, Financial Planner
@RyanFuchs
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You could always apply for a new Discover card to get 0% on purchases for over a year. Both the Discover it® Cash Back and the Discover it® Miles fall into that category, offering 0% APRs both on purchases and balance transfers for a period of 15 months, followed by a standard APR of 18.24% - 28.24% Variable for Discover it Cash Back and 18.24% - 28.24% Variable APR for Discover it Miles. Or you could transfer your balance to a card from another issuer to get a lower rate that way.
This answer was first published on 07/07/15 and it was last updated on 05/30/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
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Marlin Darden, Member
@wonder_of_the_w
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You can get Discover to lower your interest rate by calling 1-800-347-2683 or through Discover's live customer service chat from your account.
You have the best chances if your credit score has improved since account opening, and you pay your bills in full and on time.
It also doesn't hurt to shop around for some offers. You could negotiate with the customer service representative by bringing them up in the conversation.
If the request for lowering your interest rate is declined, you could wait a few months and try again.
But if the debt is crushing you, maybe it's better to consider a balance transfer to a card with a lower interest rate and possibly a long promotional 0% APR period. Check out a few offers here.
This answer was first published on 09/18/20. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
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